Chapter 7 Terms and MC

The student entrepreneurship organization highlighted in this chapter is ________. CEO CFO Future Entrepreneurs of America Pitch Competitors International

CEO

An abbreviated pitch that you memorize is called an elevator pitch. Meant to be given in person, it should be ________. brief memorized connected to a request for more time to make a more complete pitch All of these options are correct.

All of these options are correct.

In previous decades, a term for a related phenomenon was "Keeping up with the Joneses." This refers to a sense that if we are not living our best life, having the most fun, enjoying the best foods, fashion, and so on, then we are not living the life we should. This term can refer to both a short-term concern and a general anxiety that others are enjoying life more than we are. brand advocacy awareness FOMO, or fear of missing out "Jonesing" happy ever anxiety

FOMO, or fear of missing out

elevator pitch

abbreviated pitch, a memorized talk that can get you into the door to put your full pitch deck on display

work-for-hire agreement

agreement between an individual employee and a company states that ownership of innovations belongs to the company, even if an individual makes substantial contributions to the product

entrepreneurial contest

any entrepreneurial competition other than a pitch competition; contests may entail submitting business models, long-form prospectuses, or forms tailored to contest specifications

The ________ is the specific request for funding, mentorship, collaborators, and/or business partners that appears in a pitch. ask request pitch contest

ask

When someone supports your products and your brand so much that they begin speaking on your behalf in person and on social media, they are known as a/an ________. brand advocate corporate narrative sponsor impetus entrepreneurial drive

brand advocate

problem-solution narrative

brief story of a sentence or two that states a problem affecting many people and offering a solution that is innovative, unique, insightful, or all of these

A graphic worksheet that sets forth the value proposition of any startup and allows you to identify stakeholders, and key inputs and outputs is the ________. business model generator business model canvas business mobility canvas business meditation and creativity matrix

business model canvas

pitch competition

competition that may have cash prizes or mentorship opportunities for winners; you are expected to present your business idea in the form of a presentation, usually with a pitch deck

nondisclosure agreement

contract that carries harsh financial penalties should one party to the agreement disclose what they know of the proprietary information

When an entrepreneur's story becomes part of the mythology of a corporation and its purpose, this is known as a/an ________. mission statement vision statement purpose statement corporate narrative

corporate narrative

noncompete agreement

formal agreement that the person signing the document will not work for another organization that is a direct competitor of their current employer during employment and usually for a specified length of time after employment ends

pitch

formal presentation in which you ask for something and that is delivered (usually) to potential investors in a startup

Pitches have different purposes, depending on the target audience. The constant in every pitch is that it ________. must be short makes a request for support includes six elements and about ten slides is derived from a corporate narrative

makes a request for support

fear of missing out

need to keep up with peers and the personas they represent in social settings, particularly on social media

A ________ is a license granting exclusivity, as in the exclusive rights to manufacture and sell a specific product. patent UI nondisclosure agreement noncompete clause

patent

1 . ________ is like the origin story for a brand. problem-solution narrative purpose mission statement vision statement

problem-solution narrative

ideation

purposeful process of opening up one's mind to new trains of thought that branch out in many directions from a stated purpose or problem

More complex data indicating why and how people use or might use a product or innovation is known as ________ data. qualitative quantitative lean build-measure-learn

qualitative

Numerical measurements providing data on how people use a product or service results in ________ data. qualitative quantitative lean build-measure-learn

quantitative

pitch deck

slide presentation that you create that gives a quick overview of your product and what you're asking for

Ask

specific amount of money or type of assistance requested in a pitch

Identify the correct terms used in this text for setting SMART goals. specific, measurable, attainable, relevant, time-bound specific, marketable, attainable, relevant, time-bound specific, measurable, achievable, relevant, timely specific, measurable, attractive, relevant, time-bound

specific, measurable, achievable, relevant, timely

mission statement

statement of an organization's reason for being that defines its primary long-term goal, explains what the venture will do, what value it will provide to the end customer, and how it will accomplish that action

corporate narrative

story about how a successful company grew from something small into something broad and powerful, serving thousands or even millions of people; it may have marketing purposes, and it may serve as an inspirational story for leaders and employees

value proposition

summary describing the benefits (value) customers can expect from a particular product or service

What is defined as the thing your organization does that people will pay for or contribute to? earnings statement profit proposition value for revenue proposal value proposition

value proposition

user interface

what a customer sees when they use your product; having a variant of a UI is not necessarily grounds for establishing a patent, but having unique design in the broader sense may help you to secure patent protection

An agreement between an individual employee and a company that states that innovations belong to the company, even if an individual makes substantial contributions. nondisclosure agreement work-for-hire agreement noncompete clause patent

work-for-hire agreement

iceberg principle

writing principle useful for preparing contest documents and pitch decks; following this principle, each word or sentence in the submission or presentation should be backed up with a wealth of supporting information and details that go unspoken in the pitch or proposal, but which you have at the ready should an investor take interest in the details and your knowledge of them